Presentation on theme: "METROPOLITAN WASHINGTON AREA CONSORTIUM NSP2 BRIEFING Neighborhood Stabilization Program 2 (NSP2)"— Presentation transcript:
METROPOLITAN WASHINGTON AREA CONSORTIUM NSP2 BRIEFING Neighborhood Stabilization Program 2 (NSP2)
NSP2 Opportunity Neighborhood stabilization program through HUD designed to support communities negatively impacted by foreclosure Second round of funding (first competitive round) providing up to $1.93B Eligible activities: Homebuyer assistance for the purchase or redevelopment of foreclosed properties Acquisition, rehab and rental/sell of foreclosed properties Demolition of blighted, foreclosed properties Creation of land banks
NSP2 Consortium MEMBER JURISDICTIONS Alexandria Bowie Fairfax County Gaithersburg Prince George’s County Prince William County Requested $33.9M Homebuyer assistance for 369 units Creation of a regional acquisition fund Acquire, rehab and sell 135 units Acquire, rehab and rent 46 units Consortium partners Enterprise Community Partners National Community Stabilization Trust The Urban Institute
Target Communities Each jurisdiction recommended “at risk” and “tipping point” communities/census tracts… 24 tracts for both Fairfax and Prince George’s counties 22 tracts within Prince William County 5 tracts within the City of Bowie 2 tracts within the City of Alexandria 1 tract in Gaithersburg …for a total of 78 census tracts
Community Criteria HUD foreclosure score Foreclosure inventory Proximity to employment centers Relatively strong housing market Proximity to transit or major thoroughfares Present and future government investment
NSP2 Current Activities Enjoy media and think tank coverage Washington Post/Examiner articles, Urban Institute and Brookings Institution profiles Finalize developer solicitation To be released this month; responses due next month Finalize revolving loan fund program Select preferred development group(s) Await HUD’s determination in late October
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